The City of Manassas has maintained high credit ratings with the two major global credit rating agencies, Moody’s and S&P Global, according to a Monday press release.
These credit ratings ensure the city can borrow money at lower interest rates and signal the city is in a stable financial condition. The lowest rating an entity can receive is a C or D, depending on the agency issuing the rating. These ratings, according to Investopedia, help investors determine the riskiness associated with investing in bonds issued by a company, government or a government agency.
Moody’s gave the city an AAA rating, the highest rating a municipality can get. S&P Global maintained the city’s AAA rating from the previous year.
“The upgraded rating is the result of the commitment and hard work of staff and implementing sound, modern financial policies that benefit the City of Manassas,” Interim City Manager Douglas Keen said.
Lisa Sievel-Otten, the city’s acting communications director, said Manassas first received the AAA rating from S&P Global in July 2016, and has maintained it since. Other than that, the city could not provide more historical data on the credit ratings.
Neighboring localities have also received top ratings from the major rating agencies, including Prince William County, Fairfax County, the City of Alexandria and Fauquier County, to name a few.
Update 2 p.m. Oct. 25: An earlier version of this article stated Moody’s gave the City of Manassas a Aa1 rating. Moody’s gave the city a rating of AAA, and the Aa1 rating was from 2023.
